Exchange National Bancshares (NASDAQ:EXJF)
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Exchange National Bancshares (NASDAQ: EXJF) of Jefferson
City, MO, a financial services company, announced today first quarter
earnings of $0.64 per diluted share, up 21% from diluted earnings per
share of $0.53 a year ago.
Net income for the 3 months ended March 30, 2006, of $2,689,000
increased $451,000 when compared to the first quarter of 2005.
Exchange completed its acquisition of Bank 10 of Belton on May 2,
2005, and Bank 10 results of operations for this acquisition have been
included in Exchange's consolidated net income since that date.
In commenting on earnings performance, Chairman & CEO James E.
Smith said: "We continue to be pleased with our financial performance.
First quarter earnings growth compared to the same period last year
results from an increase in average interest-earnings assets as well
as an increase in our net interest margin. Average interest earning
assets increased 17% from the first quarter of 2005. Additionally, our
net interest margin increased to 3.83% compared to 3.34% for the same
period of 2005."
For the quarter, annualized return on average equity was 11.14%
and the annualized return on average assets was 0.95% compared to
9.79% and 0.95%, respectively for 2005.
Comparing March 31, 2006, balances to December 31, 2005, total
assets increased 3.0% to $1,160,064,000. Loans, net of allowance for
loan losses, grew 1.6% to $817,309,000, while investment securities
increased 11.6% to $200,595,000. Total deposits decreased 0.5% to
$877,466,000. During the same period, stockholders' equity increased
1.6% to $98,312,000 or 8.5% of total assets.
About Exchange National Bancshares
Exchange National Bancshares, Inc., a multi-bank holding company
headquartered in Jefferson City, Missouri, is the parent company of
The Exchange National Bank of Jefferson City with locations in
California, Tipton and St. Robert; Citizens Union State Bank & Trust
of Clinton with locations in Springfield, Lee's Summit, Branson,
Windsor, Collins and Osceola; Bank 10 with locations in Belton,
Drexel, Harrisonville, Independence and Raymore; and Osage Valley Bank
of Warsaw.
Statements made in this press release that suggest Exchange
National Bancshares' or management's intentions, hopes, beliefs,
expectations, or predictions of the future include "forward-looking
statements" within the meaning of Section 21E of the Securities and
Exchange Act of 1934, as amended. It is important to note that actual
results could differ materially from those projected in such
forward-looking statements. Additional information concerning factors
that could cause actual results to differ materially from those
projected in such forward-looking statements is contained from time to
time in the company's quarterly and annual reports filed with the
Securities and Exchange Commission.
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*T
FINANCIAL SUMMARY
-----------------
(unaudited)
-----------
Balance sheet information: March 31, 2006 December 31, 2005
Loans, net of allowance for loan
losses $817,308,568 $804,450,102
Debt and equity securities 200,595,384 179,691,826
Total assets 1,160,064,275 1,126,470,476
Deposits 877,465,872 881,455,206
Stockholders' equity 98,312,311 96,732,865
Three Months Three Months
Ended Ended
Statement of income information: March 31, 2006 March 31, 2005
Total interest income $16,792,866 $11,527,378
Total interest expense 7,334,320 4,440,267
Net interest income 9,458,546 7,087,111
Provision for loan losses 317,500 235,500
Noninterest income 2,025,911 1,331,344
Noninterest expense 7,311,592 4,975,258
Income taxes 1,166,758 970,083
Net income 2,688,607 2,237,614
Earnings Per Share:
Basic: $0.64 $0.54
Diluted: $0.64 $0.53
*T
Statements made in this press release that suggest Exchange
National Bancshares' or management's intentions, hopes, beliefs,
expectations, or predictions of the future include "forward-looking
statements" within the meaning of Section 21E of the Securities and
Exchange Act of 1934, as amended. It is important to note that actual
results could differ materially from those projected in such
forward-looking statements. Additional information concerning factors
that could cause actual results to differ materially from those
projected in such forward-looking statements is contained from time to
time in the company's quarterly and annual reports filed with the
Securities and Exchange Commission.